I definitely remember some SNES games costing upwards of $70.
I knew we'd eventually get back to that point, but I do think that we'll see a sliding scale from some publishers on certain games. Between $50-$70.
The industry is in a pretty interesting place right now. Technology has improved significantly, capable of delivering games in a way we've never experienced before. But these things aren't just automagically accomplished. You don't get a game with the visual fidelity of a The Last of Us Part 2, or a Cyberpunk 2077 by pressing a button. It requires a lot of time, talent, budget, and resources. It's not like those 4K textures are going to make themselves. Or the complex code to make immersive and deep gameplay systems write themselves. The cost of producing these games to the visual and technological expectations of the consumer is high. As a result, it was only a matter of time before it becomes financially unfeasible to keep charging $50 or $60 for some productions.
I'm not a fan of $70 games, don't get me wrong. But I also know first hand what it's like to put strain on my relationships and personal well-being because of the insane work hours I had to put in, and pressure from the suits lest I lose my job if I don't comply (thank god I no longer work for a company that treated its employees like disposable assets).
There's also a kind of symbiotic relationship between the gamers and the developers. We're paying them to create entertaining gaming experiences, but we're also demanding that those experiences become more and more complex and elaborate. I mean, look at the comments in that thread where The Pathless was revealed. So many people saying how the game didn't "look next gen enough." Or how Halo: Infinite was disappointing graphically (which I kind of get; it's a flagship title for Microsoft, so expectations were high, but that's also exactly the point I'm making). There's got to be some kind of middle ground and compromise somewhere. A balance between A) what we, as gamers expect/want from gaming, B) what we, as developers, are capable of producing (while also maintaining a healthy work/life balance) to try and satisfy those expectations from gamers, as well as exercising our own creativity, and C) what publishers expect commercially in order to keep producing A. I'm afraid the higher price for games is just one of those "solutions." My hope is that, as the generation progresses, we'll start to see all of those elements working together.
Like, Miles Morales is a "smaller" scale game in comparison to Spider-Man PS4, and it's releasing for $50, and on PS4 and PS5. It releasing on PS4 guarantees that it will sell more than enough to be commercially successful for Sony. It being a game built on an existing engine, means that Insomniac shouldn't have had to have stretched themselves to build the game in time for launch. And of course, it being $50 is a nice price for gamers to pay for such a high profile game. But I feel like those will be exceptions to the rule, not the norm, especially as the generation progresses, and moves away from cross-gen releases.